According to insights from crypto expert Andrew AP Abacus, both Morgan Stanley and UBS are gearing up to introduce Bitcoin ETFs to their platforms in the upcoming week.
The emergence of spot Bitcoin exchange-traded funds (ETFs) in the U.S. market has ignited a competition among investment banks to be the first to integrate these products into their offerings. Morgan Stanley is striving to surpass UBS in becoming the inaugural wirehouse to fully endorse the Bitcoin ETF, as per crypto enthusiast Andrew (AP_Abacus)’s report on X dated April 3.
Referring to internal communications from Morgan Stanley, Andrew indicated that the bank might unveil its foray into Bitcoin ETFs “a few days before” the actual launch. He also highlighted that global banks have been actively discussing the addition of Bitcoin ETFs as a competitive race.
Eric Balchunas, an ETF expert at Bloomberg, contributed to Andrew’s X thread, affirming that neither Morgan Stanley nor UBS has incorporated Bitcoin ETFs yet, citing a reliable source. Balchunas suggested that both banks are currently in a standoff, waiting for one to take the lead before proceeding, likely resulting in a simultaneous rollout.
Prior to the latest update, Andrew had previously reported that UBS intends to introduce Bitcoin ETFs to its platform between April 8 and April 12 next week. The latest speculation surrounding Morgan Stanley’s potential move against UBS arises following Andrew’s earlier report that the bank is poised to approve Bitcoin ETFs.
“On March 26, Andrew shared that several sources confirm Morgan Stanley’s imminent approval of Bitcoin ETFs on its platform within the next two weeks,” the post stated.
Attempts were made to contact Morgan Stanley and UBS for comments on the potential addition of spot Bitcoin ETFs to their platforms, but responses were not received at the time of publication.